On July 20, 2026 Telix Pharmaceuticals Limited (ASX: TLX, NASDAQ: TLX, "Telix") reported a market update on its commercial and operational performance for the quarter ended June 30, 2026 (Q2 2026).
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Q2 2026 Highlights1
Group revenue of US$247 million, up 7% quarter-over-quarter (QoQ) and up 21% year-over-year (YoY).
Precision Medicine continues to deliver strong growth, revenue of US$202 million, up 9% QoQ and up 30% YoY.
Telix expects FY 2026 revenue and other income to be in excess of US$1 billion, with revenue tracking in line with the upper end of FY 2026 guidance of US$950 million to US$970 million plus US$40 million non-refundable other income received from Regeneron.
United States (U.S.) Food and Drug Administration (FDA) alignment on ProstACT Global Phase 3 study of TLX591-Tx in mCRPC2 to advance to Part 2 in the U.S.3
BiPASS, patient enrollment nearing completion for study of Illuccix and Gozellix for initial prostate cancer diagnosis in the pre-biopsy setting4.
Regeneron strategic collaboration to jointly develop and commercialize next generation radiopharmaceutical therapies, initially focused on lung cancer.
FY 2026 research and development (R&D) expenditure guidance updated to US$230 million to US$270 million, enabled by the Company’s strong commercial performance and the non-refundable payment of US$40 million received from Regeneron.
Q2 2026 Revenue
Revenue (US$M) Q2 2026 Q2 2025 % Change Q1 2026 % Change
Group revenue 247 204 21% 230 7%
Precision Medicine revenue5 202 155 30% 186 9%
TMS revenue6 45 48 (6)%
44 2%
Executive Commentary
Dr. Christian Behrenbruch, Managing Director and Group CEO, stated, "We delivered another quarter of growth with U.S. dose volumes increasing 7% during the quarter, driven by growing demand for Gozellix and continued strength across our PSMA7 imaging portfolio. This performance underscores the strength of our differentiated two-product PSMA imaging strategy and reinforces Telix’s market leadership, built on clinical differentiation, supply chain resilience and commercial execution. During the quarter, we achieved key regulatory, commercial and clinical milestones across both our Precision Medicine and Therapeutics businesses. We are tracking in line with the upper end of our FY 2026 revenue guidance and are investing further in R&D to accelerate a number of high-value programs that have the potential to create significant future growth and shareholder value."
Therapeutics Business Unit
Telix continues to progress its industry-leading Therapeutics pipeline, which spans multiple product candidates and disease areas. Q2 2026 highlights include:
TLX591-Tx (lutetium (177Lu) rosopatamab tetraxetan): Achieved key regulatory milestone for ProstACT Global Phase 3 trial, with the FDA confirming that the safety data from Part 1 of the study of Telix’s lead prostate cancer therapy candidate is sufficient to enable progression of Part 2 in the U.S. The FDA and Telix also achieved alignment on the Part 2 clinical trial protocol, statistical analysis plan, and ongoing safety monitoring plan. Initiation of Part 2 in the U.S. remains subject to the FDA’s review of an Investigational New Drug (IND) amendment8. Part 2 continues to enroll strongly in regions where recruitment is open including Australia, New Zealand, Canada, Türkiye, the United Kingdom, Singapore and South Korea and has also received regulatory approval to commence in China.
TLX597-Tx (177Lu-DOTA-HYNIC-panPSMA): OPTIMAL-PSMA study evaluating TLX597-Tx for mCRPC has recently completed patient enrollment of 120 patients9. Building on initial findings of the OPTIMAL-PSMA study, the first patients have been dosed in the OPTIMAL-e Phase 2 study, evaluating TLX597-Tx for metastatic hormone sensitive prostate cancer10. TLX597-Tx is a next generation small molecule PSMA-targeting prostate cancer radioligand therapy (RLT) candidate designed to improve efficacy and quality of life in earlier-stage metastatic prostate cancer.
TLX250-Tx (lutetium (177Lu) girentuximab tetraxetan): Dosed first patient in LUTEON11, a pivotal trial of TLX250-Tx as a monotherapy in advanced ccRCC12. LUTEON will evaluate the efficacy of TLX250-Tx compared with investigator’s choice of monotherapy consistent with standard of care. LUTEON forms part of Telix’s global development program13 for TLX250-Tx, Part 1 is expected to enroll up to 40 patients.
TLX101-Tx (131I-iodofalan): Enrolled first patient cohort in Part 1 (assessing safety and dose optimization) of IPAX BrIGHT, an international, multi-center pivotal trial of TLX101-Tx in patients with recurrent glioblastoma14. The trial is open for enrollment in Australia, Austria, the Netherlands and Belgium, with approval being sought in additional jurisdictions. Completed patient enrollment in IPAX-215, a Phase 1 study evaluating TLX101-Tx in patients with newly diagnosed glioblastoma, with no dose-limiting toxicities observed to date16.
Precision Medicine Business Unit
PSMA imaging portfolio:
Telix’s Precision Medicine business continues to expand its commercial reach and support broader patient access to PSMA-PET/CT imaging17. Q2 2026 highlights include:
Rapid enrollment of 338 patients in BiPASS Phase 3 study of Illuccix and Gozellix for the initial diagnosis of prostate cancer, integrating non-invasive 68Ga-PSMA-11 PET imaging prior to biopsy. Building on the clinical foundation established by the PRIMARY18 and PRIMARY 219 studies, BiPASS is intended to support regulatory submissions in major markets, including the U.S., Europe and Australia.
Completed patient enrollment in Japan in Phase 3 registrational study of TLX591-Px (Illuccix)20. Telix is preparing a New Drug Application (NDA) for submission in Japan, with clinical data from the Phase 3 local study intended to support the application. In parallel, Telix’s application for Conditional Approval is under review by Japan’s Pharmaceuticals and Medical Devices Agency (PMDA). If granted, Conditional Approval will enable an expedited NDA review process while the final study clinical dataset is prepared.
TLX101-Px, (Floretyrosine F 18 or 18F-FET) for brain cancer imaging:
Submitted an IND application to the FDA for Pixclara, a Phase 3 registrational study for indication expansion for the diagnosis of brain metastases.
The FDA has accepted Telix’s resubmitted NDA for Pixclara21 and has granted a PDUFA22 goal date of September 11, 202623.
Telix’s Marketing Authorization Application (MAA) for Pixlumi21 in Europe has been validated and accepted for review24.
Zircaix21 (TLX250-Px, 89Zr-DFO-girentuximab) for kidney cancer imaging:
Telix continues to make good progress on its Biologics License Application (BLA) resubmission for Zircaix21 in the U.S. Final Chemistry, Manufacturing and Controls (CMC) documentation is nearing completion. Consistent with TLX250-Px’s Breakthrough Therapy designation, Telix has maintained regular consultation with the FDA and expects to resubmit the application shortly.
Telix Manufacturing Solutions (TMS): Expanded global operations
TMS continues to expand its global operations which are fundamental to Telix’s future growth, supporting supply chain resilience. Q2 2026 highlights include:
Opened TMS North Melbourne, in partnership with the Melbourne Theranostic Innovation Centre (MTIC)25. The purpose-built facility combines radiochemistry laboratories, clinical product manufacturing, patient dosing and imaging that aims to provide advanced clinical infrastructure and R&D capabilities to accelerate the development of targeted radiopharmaceuticals.
TMS Brussels South successfully completed its first Good Manufacturing Practice (GMP) production run of a lutetium-based therapeutic candidate, representing a significant operational milestone and further validating the facility’s capabilities to support the manufacture of Telix’s next-generation therapeutics.
Installed ARTMS’ QUANTM Irradiation System (QIS) at TMS Yokohama, expanding isotope production capabilities and enabling local Zirconium-89 (89Zr) manufacturing to support Telix’s portfolio. The installation represents further progress in scaling the ARTMS network and advancing toward the Company’s target of 50 QIS installations globally by the end of 2026.
Corporate Updates
Telix entered into a strategic collaboration with Regeneron to jointly develop and commercialize next-generation radiopharmaceutical therapies26. The strategic partnership combines Telix’s radiopharmaceutical development, manufacturing and supply chain capabilities with Regeneron’s leading antibody discovery and development platforms, creating a framework to advance multiple novel oncology programs and further strengthen Telix’s position in Precision Medicine. On execution of the agreement, Telix has received an initial non-refundable payment from Regeneron of US$40 million.
Telix also completed a refinancing of its existing convertible bond structure, issuing US$600 million of new convertible bonds due 2031 and repurchasing all outstanding 2029 convertible bonds27. The transaction extends debt maturities, enhances financial flexibility and further strengthens the Company’s capital structure, supporting the execution of Telix’s long-term growth strategy, including developing its late-stage therapeutics pipeline.
Three new Non-Executive Directors were appointed during the quarter as part of Telix’s Board expansion and succession planning. Effective May 11, 2026, David Gill, Maria Rivas, MD, and William Jellison28 joined the Board, further strengthening the Board’s clinical, commercial, financial and governance expertise, enhancing the Company’s capabilities as a dual-listed, commercial stage biopharmaceutical company.
FY 2026 guidance
Telix expects FY 2026 revenue and other income to be in excess of US$1 billion, with revenue tracking in line with the upper end of FY 2026 guidance of US$950 million to US$970 million plus US$40 million non-refundable other income from Regeneron.
Revenue guidance reflects product sales in jurisdictions with a marketing authorization, and a full year of revenue contribution from RLS.
Telix has updated FY 2026 R&D expenditure guidance to US$230 million to US$270 million, subject to achieving ongoing global clinical data outcomes and development milestones. The additional investment will support the advancement of high-value clinical programs beyond the Company’s original R&D forecast, including acceleration of the TLX597-Tx program and label expansion for Pixclara, and progression of the Regeneron strategic collaboration.
(Press release, Telix Pharmaceuticals, JUL 20, 2026, View Source [SID1234669334])